Home ownership by blacks in wards 7 and 8 is on the rise. Will it stay like this
EagleBank, a community-driven, solution-driven bank, is excited to work with clients who also believe in their community and want to improve and maintain their DC home. So, in conjunction with Washington Informer’s OUR HOUSE initiative, EagleBank is sharing information about a new refinancing option that may benefit some area homeowners.
New refinancing options help area families
Extended guidelines for those earning up to $ 80,000 per year
By Maceo Clark, EagleBank Mortgage Banker
Mortgage rates in 2021 haven’t swung like Tarzan did in a soda race and are holding just above all-time lows. For anyone whose income may have declined, however, refinancing at a lower rate (which results in a lower payment and less interest paid over time) might be more difficult. A certain debt-to-income ratio is required to qualify, and a drop in income could overturn the basket of apples.
That is why EagleBank residential loans leaps at a new opportunity to help more families access today’s low interest rate environment. Fannie Mae and Freddie Mac recently came together to help homeowners earning up to $ 80,000 per year. Those who may have been hesitant to seek a lower interest rate now have a new lending option through banks like EagleBank that offer these loans providing expanded guidelines for debt-to-income ratio requirements.
Freddie Mac and Fannie Mae have adopted these new refinance options for loans to borrowers with incomes equal to or less than 80% of the region’s median income and you may be eligible to take advantage of this program. If your mortgage is owned or guaranteed by Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under this refinance option. You can determine whether your mortgage belongs to Freddie Mac or Fannie Mae by visiting the following websites:
Here are a few things to keep in mind:
- The new loan must offer the following advantages to the borrower:
- an interest rate reduction of at least half a point (for example, 4% to 3.5%)
- a reduction in the monthly payment of at least $ 50.00 (which includes principal, interest, and mortgage loan insurance payment, if applicable).
- The existing loan must be a conventional mortgage loan already held by Fannie Mae or Freddie Mac for at least 12 months from the date of the original note to the date of the new loan note.
- The the debt-to-income ratio must be less than or equal to 65%.
- The minimum credit score is 620 is required
- Must have identical borrowers on the new loan like the existing loan (ask a loan officer for any exceptions).
- The current loan cannot be appealed. of any kind (e.g. foreclosure) and cannot be an existing high loan / value refinance loan.
- Compliant loan limits only (up to $ 548, 250 in DC area)
- For the loan being refinanced, no 30-day mortgage defaults in the most recent six-month period allowed, and no more than one 30 day failure in months 7 to 12. (If the borrower has missed payments due to COVID-19 forbearance and those payments have been resolved in accordance with the temporary eligibility conditions, the missed payments are not considered defaults for the purposes of responding. these payment history requirements).
An EagleBank loan officer can help you determine if Fannie Mae or Freddie Mac owns your current home loan and can discuss your eligibility for RefiNow or RefiPossible products, or any other mortgage product that may be of benefit to your family. An appraisal credit of $ 500 is also granted at the time of settlement to defray the cost of any related property appraisal.
Providing DC area residents with tools that can potentially save them money is important to preserving a fair housing force. EagleBank hopes to assist all homeowners who have an interest in our area. Together, we hope to increase access to safe and stable housing for all, and make home ownership accessible to families at all income levels.
To learn more about the new loan refinancing options, please contact Maceo who can be contacted at [email protected] Where 301-850-2655.
Maceo Clark (NMLS # 807001) has extensive experience in the mortgage industry as a community lender and loan originator. He’s also a longtime volunteer youth football coach, so EagleBank’s partnership with DC United really touches his home. Its goal as a lender is to provide the best mortgage options and to achieve the highest levels of satisfaction for its clients.
As a community bank, EagleBank offers knowledge of affordable housing and first-time homebuyers resources, as well as refinancing services. Contact us at [email protected]
This is not a loan commitment. To be eligible, the purchaser must meet the minimum deposit, subscription, and program guidelines of the HUD. All loan applications are subject to credit and property approval. Annual Percentage Rate (APR) and program, rates, fees, closing costs, terms and conditions are subject to change without notice and may vary based on credit history and transaction details. Property taxes, flood insurance and / or property risk may be required. This information is for educational purposes only and should not be taken as guidelines or guarantees to improve your credit or financial situation or your eligibility for a home loan.